00:00Let's talk about this. I've asked so many people this question, I'll ask it you.
00:03Why isn't the president taking the off-ramp and getting his man confirmed at the Federal Reserve?
00:08Well, it's what I recommend. I mean, I said back in January that I didn't think J-PAL had done
00:12anything criminal
00:14and that it was a distraction to have the DOJ do that investigation, which is, as I've said many times,
00:20doesn't exempt the Fed from criticism. I've had plenty of things that I think that J-PAL or the Fed
00:26board
00:27should have done differently over the years. But it's time to move on from this.
00:32The petitions to the court have been rejected, and I think it's time to move on from the case
00:37and put our attention around getting Kevin Walsh confirmed by the United States Senate.
00:41Do you think there's enough pressure right now in the White House for the president to take the off-ramp?
00:45Well, I would hope so. You see this letter that you just had the reporting on from the Democrats,
00:49and Senator Tillis is still very committed to holding his support of the nomination until this is behind us.
00:56The House committee or the Senate committee can continue to work at, look at the investigation of the building
01:02if they want to and that kind of thing. But when it comes to our oversight of monetary policy,
01:07our oversight of the Treasury market structure, the face of just doing our routine work and overseeing the Fed,
01:14I'd like to see the new chair confirmed and let President Trump have a new partner at the Fed,
01:20let Treasury Secretary Bessett have a new partner in bank supervision and monetary policy.
01:24It's time, and I think it's important to move.
01:27It feels like the president is doubling down. Maybe he doesn't want to lose face.
01:30So what could potentially be an off-ramp? I mean, he likes deals.
01:33Is potentially, I'm going to drop the DOJ case, but Jay Powell, you're not staying on until 2028?
01:39Well, I think Chairman Powell is interested in seeing his replacement confirmed,
01:45and I think Chairman Powell is probably interested in going on to the next phase of his career and his
01:49life, quite frankly.
01:50But you don't think he's staying on as governor?
01:53Well, I think that depends on, according to Jay Powell, that's how he's inclined to stay on,
01:59according to Jay Powell, if Kevin's not confirmed and if this case is not dropped.
02:05So this is why I think it's, if you're for the Trump administration and the Treasury moving on,
02:11having an economic policy that's in alignment,
02:13then I think it's in the president's interest to see the case move on
02:19and let's go forward with the Trump administration's appointees at the Fed.
02:24See you soon.
02:24it.
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